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Long-Term Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Long-term debt consisted of the following:
(in millions) |  | March 31, 2025 |  |  | December 31, 2024 |
Current portion of long-term debt: |  |  |  |  |  |
Current portion of 5-year term loan facility expires 2026 |  | $ | 25 |  |  | $ | 25 |
Current portion of 3-year term loan facility expires 2025 |  |  | — |  |  |  | 150 |
Current portion of 5-year term loan facility expires 2027 |  |  | 50 |  |  |  | 50 |
Total current portion of long-term debt |  |  | 75 |  |  |  | 225 |
Long-term debt: |  |  |  |  |  |
Note agreements: |  |  |  |  |  |
4.500% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2029 |  |  | 350 |  |  |  | 350 |
2.375% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2031 |  |  | 700 |  |  |  | 700 |
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2032 |  |  | 598 |  |  |  | 598 |
5.650% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2034 |  |  | 599 |  |  |  | 599 |
4.950% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2052 |  |  | 592 |  |  |  | 592 |
Total notes |  |  | 2,839 |  |  |  | 2,839 |
Credit agreements: |  |  |  |  |  |
5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750%, expires October 27, 2026 |  |  | 162 |  |  |  | 169 |
5-year revolving loan facility, periodic interest payments, SOFR plus up to 1.525%, plus commitment fees up to 0.225%, expires October 27, 2026 |  |  | 400 |  |  |  | 250 |
5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750%, expires March 31, 2027 |  |  | 350 |  |  |  | 362 |
Total credit agreements |  |  | 912 |  |  |  | 781 |
Debt issuance costs (contra) |  |  | (20 | ) |  |  | (21 | )
Total long-term debt, less unamortized discount and debt issuance costs |  |  | 3,731 |  |  |  | 3,599 |
Current portion of long-term debt |  |  | 75 |  |  |  | 225 |
Total debt |  | $ | 3,806 |  |  | $ | 3,824 |
Schedule of Liabilities that are Not Measured at Fair Value on a Recurring Basis | The following table presents liabilities that are not measured at fair value on a recurring basis:
|  | March 31, 2025 |  |  | December 31, 2024 |
(in millions) |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Long-term debt |  | $ | 2,839 |  |  | $ | 2,641 |  |  | $ | 2,839 |  |  | $ | 2,602 |

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